In a Kentucky divorce, property division can be a source of dispute. This generally includes a family home, automobiles, bank accounts, retirement accounts and other tangible assets. However, a common problem is determining if there are so-called “hidden” assets that are rarely thought about but might be extremely valuable. Recognizing when there may be these assets and knowing how to account for them is a vital aspect of a successful outcome.
What are some potential “hidden” assets?
Examples of hidden assets are restricted stock units, pensions, military benefits and cryptocurrency. As the divorce moves forward, the employment and history of the spouses will be factors in knowing what to look for in this context. Restricted stock units are considered income, but they are more of a bonus that is deferred, making it harder to find and calculate when assets are up for division. People working in the public sector will likely have a pension plan. These are also available in some private sector jobs. Pensions are often marital property and what was accrued during the marriage should be shared.
Former military members have certain benefits depending on how long they served. A 20-year career in the military will warrant health insurance, the right to visit and shop on military installations and a pension. Cryptocurrency like bitcoin is exponentially rising in popularity. It can be hard to know where it is kept, how it is valued and how to define it. Some will use crypto to hide money. Having experts who know how to gauge these assets for accurate property division is wise.
Complex asset distribution in divorce may require experienced assistance
While it could be preferable for cases to be settled amicably before it is necessary to go to court, it is important to be prepared to do so and to have experienced people who know how to handle a trial overseeing the case. For fair property division when the assets are hard to calculate and even locate, it is useful to have professional advice from the case’s outset.